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Autor:innen: 
Erscheinungsjahr: 
2010
Schriftenreihe/Nr.: 
ZEW Discussion Papers No. 10-058
Verlag: 
Zentrum für Europäische Wirtschaftsforschung (ZEW), Mannheim
Zusammenfassung: 
Labor and product market regulations affect the unemployment rate of a country without doubt. Econometricians, however, have yet to establish an unequivocal significance of this impact. Model mis-specification, one of the main underlying problems, is overcome by adopting a Bayesian Model Averaging approach. I apply this method to a panel data set that covers 17 OECD countries for the time period from 1982 to 2005 and for up to 20 potential explanatory variables. 8 institutional indicators are identified as significant determinants of unemployment. Endogeneity due to reverse causality is also considered by applying an instrumental variable estimation approach.
Schlagwörter: 
unemployment
institutions
labor and product markets
model averaging
JEL: 
C33
E02
E24
Dokumentart: 
Working Paper

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